Algeria corporate banking options

Opening a local corporate bank account is a requirement for Algeria company formation. Please find below additional information on corporate banking services available in Algeria and a general overview of the local banking industry.

Algerian banking

Algerian currency is the Algerian dinar and it currently has an exchange rate of DZD107.19 = US$1 (as of 6 January 2016);

Algeria is largely a cash based economy, and the use of credit and debit cards is extremely limited, especially for businesses. ATMs can be found installed at very few locations including five star hotels and airports in Algeria. Payments for goods and services are subject to producing an invoice with a bank domiciliation and customs clearance documents.

Healy Consultants banking services

To support Algeria business formation, Healy Consultants provide the best possible customized banking solutions to our corporate Clients’ banking needs. The full range of corporate banking facilities available in Algeria include i) both local and multi-currency accounts ii) internet banking iii) telephone banking iv) current and savings accounts v) contract bonds vi) loan and credit arrangements and vii) wealth management services;

Healy Consultants recommends using the services of top tier global banks for majority of business bank account solutions following Algeria company registration. France’s Société Générale, BNP Paribas, Natixis, Citibank and HSBC are among the many foreign owned banks that are predominantly active and prominent in Algeria. Local banks can also be used where appropriate for the company.

Opening an Algerian corporate bank account

Healy Consultants’ Banking Team will open an international company bank account within a 4-week duration of Algeria business formation. The majority of banks in Algeria require Clients to travel to Algeria or visit the nearest branches to them for the purposes of signing the bank account opening forms in person. Healy Consultants commits every effort to minimize this probability. Ensuing the approval of the corporate bank account, the preferred bank will independently and directly email our Clients the business bank account details;

Healy Consultants can open a local non-resident company bank account for a foreign company. Many of our Clients use local bank accounts to receive payments and pay local suppliers without the need to register a local company. Our fee for this service will be US$2,950.

Trade finance

To support Algeria business set up, Healy Consultants helps Clients with trade finance tasks including and not limited to i) documents against payment and against acceptance ii) bank guarantees iii) letters of credit iv) finance against trust receipt.

Exchange Controls and Other Regulation

There are restrictions on outward transfers of funds and a very old-fashioned local transfer system that pose challenges for investment in Algeria. The Central Bank of Algeria is however working on establishing a system that will allow payments by cheques and credit cards, although this structure is still very new, and not many businesses have fully embraced it.

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Testimonial

“Pirster Pte is happy with the work that Healy Consultants undertook for the company. International incorporation can be fraught with opacity, anxiety and vulnerability - especially if it is being done remotely as we did. Healy Consultants worked really hard to make it transparent, straight forward and confidence-inspiring. I look forward to working with Healey Consultants again on future work and happily recommend them to others.”

Fiona Thompson, Managing Director Pirster Pte.

“We had taken Healy Consultants assistance in incorporating our entities in some of the complicated jurisdictions. Their approach right from the beginning has been very systematic, clear and efficient. It has been a pleasure to work with all of them.”

“Thank you Healy Consultants for swiftly project managing my engagement. From the moment I met you in Singapore Healy Consultants attended to my requirements and specific needs. I am more than satisfied with your service. Moreover, your weekly updates allowed me to continue to focus my attention on my global business while trusting you to deliver as promised.”

“Thank you Healy Consultants, you were instrumental in setting up of my Hong Kong based company, the whole process was completed in a professional and timely manner.”

Terry Skews, CEO Brittany Offshore Limited

“Healy Consultants, a professionally managed firm with clear understanding and knowledge about what client expects from them and delivers the same in a professional and timely manner. Kudos to their team.”

“Incorporating any company is comparable to setting the foundation blocks of your new company building, which you aim to build in the best location available. By choosing Healy Consultants you are laying the perfect foundations.”

“The one word that defines Healy Consultants is perfect professionalism. If you have Healy to set up your business abroad, you could focus on the operational overhead and let Healy take care of the rest. From Incorporation to Taxation, it’s a one stop solution. Rest assured, you will have the best people in the Industry working for you and providing you with the best possible information and suggestions.”

Raja Chakraborty, Director Streamlyn Pte. Ltd.

“Thank you Healy Consultants for successfully project managing our business set up in Kuwait, Lebanon, Qatar and Bahrain.”

“When it was time to establish a Space Academy in Singapore, TriVector needed a knowledgeable firm that could not only help us establish our infrastructure, but could also advise on the local and regional business climate. Healy was that firm, which is why we've been satisfied Healy Consultants for almost five years now.”

“Healy Consultants were instrumental in the set up of our company. They have continued to provide exceptional support and advice over the years.”

Susan Gunnery, Managing Director Qudoss Group

“Healy Consultants is the best firm that we have ever worked with. Through our entire business relationship we were satisfied with provided level of quality and services. Healy Consultants have been responsive and detail oriented which has allowed us to stay focused on our business and not getting distracted with small details.”

Testimonial

“Pirster Pte is happy with the work that Healy Consultants undertook for the company. International incorporation can be fraught with opacity, anxiety and vulnerability - especially if it is being done remotely as we did. Healy Consultants worked really hard to make it transparent, straight forward and confidence-inspiring. I look forward to working with Healey Consultants again on future work and happily recommend them to others.”

Fiona Thompson, Managing Director Pirster Pte.

“We had taken Healy Consultants assistance in incorporating our entities in some of the complicated jurisdictions. Their approach right from the beginning has been very systematic, clear and efficient. It has been a pleasure to work with all of them.”

“Thank you Healy Consultants for swiftly project managing my engagement. From the moment I met you in Singapore Healy Consultants attended to my requirements and specific needs. I am more than satisfied with your service. Moreover, your weekly updates allowed me to continue to focus my attention on my global business while trusting you to deliver as promised.”

“Thank you Healy Consultants, you were instrumental in setting up of my Hong Kong based company, the whole process was completed in a professional and timely manner.”

Terry Skews, CEO Brittany Offshore Limited

“Healy Consultants, a professionally managed firm with clear understanding and knowledge about what client expects from them and delivers the same in a professional and timely manner. Kudos to their team.”

“Incorporating any company is comparable to setting the foundation blocks of your new company building, which you aim to build in the best location available. By choosing Healy Consultants you are laying the perfect foundations.”

“The one word that defines Healy Consultants is perfect professionalism. If you have Healy to set up your business abroad, you could focus on the operational overhead and let Healy take care of the rest. From Incorporation to Taxation, it’s a one stop solution. Rest assured, you will have the best people in the Industry working for you and providing you with the best possible information and suggestions.”

Raja Chakraborty, Director Streamlyn Pte. Ltd.

“Thank you Healy Consultants for successfully project managing our business set up in Kuwait, Lebanon, Qatar and Bahrain.”

“When it was time to establish a Space Academy in Singapore, TriVector needed a knowledgeable firm that could not only help us establish our infrastructure, but could also advise on the local and regional business climate. Healy was that firm, which is why we've been satisfied Healy Consultants for almost five years now.”

“Healy Consultants were instrumental in the set up of our company. They have continued to provide exceptional support and advice over the years.”

Susan Gunnery, Managing Director Qudoss Group

“Healy Consultants is the best firm that we have ever worked with. Through our entire business relationship we were satisfied with provided level of quality and services. Healy Consultants have been responsive and detail oriented which has allowed us to stay focused on our business and not getting distracted with small details.”

“Not only did Healy Consultants have expert knowledge of local requirements, they also understood my needs as a foreigner, which is something lacking with the Singaporean consulting firms I spoke to. They drove the process from start to completion. I’m more than satisfied with the service.”